Full Press Release Details
AlloVir Reports Full Year 2020 Financial Results
Cambridge, MA, February 11, 2021 AlloVir (Nasdaq: ALVR), a late clinical-stage cell therapy company, today provided a
corporate update and reported full-year 2020 financial results for the period ended December 31, 2020.
Since completing our initial public
offering in 2020, our team achieved our ambitious milestones, as planned. These milestones included obtaining clearance from the U.S. Food and Drug Administration (FDA) for two Investigational New Drug (IND) applications, initiating three clinical
trials with our lead therapy, Viralym-M, as well as initiating our proof-of-concept (POC) clinical trial with our SARS-COV-2 virus-specific T-cell (VST) therapy, ALVR109, said David Hallal, Chairman and Chief Executive Officer of AlloVir. We re pleased that dosing
has commenced with our initial two investigational VST therapies, Viralym-M and ALVR109. We look forward to enrolling an increasing number of patients in our clinical trials throughout 2021, while also initiating up to four additional clinical
trials with our three clinical-stage cell therapies Viralym-M, ALVR109 and ALVR106.
Viralym-M for Allogeneic HSCT Recipients
Viralym-M for SOT Recipients
ALVR109 for COVID-19
ALVR106 for Multi-Respiratory Viruses
Viralym-M for HSCT Recipients
Viralym-M for SOT Recipients
ALVR109 for COVID-19
ALVR106 for Multi-Respiratory Viruses
Pipeline Program and Corporate
2020 Financial Highlights
AlloVir is a leading late clinical-stage
cell therapy company with a focus on restoring natural immunity against life-threatening viral diseases in pediatric and adult patients with weakened immune systems. The company s innovative and proprietary technology platforms leverage off-the-shelf, allogeneic, single and multi-virus specific T-cells targeting devastating viruses for patients with T-cell deficiencies who are at risk from the life-threatening consequences of viral diseases. AlloVir s technology and manufacturing process enables the potential for the treatment and prevention of a spectrum
of devastating viruses with each single allogeneic cell therapy. The company is advancing multiple mid- and late-stage clinical trials across its product portfolio. For more information visit
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including,
without limitation, statements regarding AlloVir s development and regulatory status of our product candidates, the planned conduct of its preclinical studies and clinical trials and its prospects for success in those studies and trials, and
its strategy, business plans and focus. The words may, will, could, would, should, expect, plan, anticipate, intend, believe,
estimate, predict, project, potential, continue, target and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements
contain these identifying words. Any forward-looking statements in this press release are based on management s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual
events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release,
including, without limitation, those related to AlloVir s financial results, the timing for the initiation and successful completion of AlloVir s clinical trials of its product
candidates, whether and when, if at all, AlloVir s product candidates will receive approval from the U.S. Food and Drug Administration, or FDA, or other foreign regulatory authorities, competition from other biopharmaceutical companies, the
impact of the COVID-19 pandemic on AlloVir s product development plans, supply chain, and business operations and other risks identified in AlloVir s SEC filings. AlloVir cautions you not to place
undue reliance on any forward-looking statements, which speak only as of the date they are made. AlloVir disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or
circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release
represent AlloVir s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
| December 31, | ||||||||
| 2020 | 2019 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and short-term investments | $ | 356,324 | $ | 126,077 | ||||
| Other current assets | 4,993 | 1,236 | ||||||
| Total current assets | 361,317 | 127,313 | ||||||
| Other assets | 9,504 | 12,109 | ||||||
| Total assets | $ | 370,821 | $ | 139,422 | ||||
| Liabilities and stockholders equity (deficit) | ||||||||
| Current liabilities | $ | 12,294 | $ | 9,106 | ||||
| Long-term liabilities | 5,463 | 8,692 | ||||||
| Total liabilities | 17,757 | 17,798 | ||||||
| Preferred stock | 173,127 | |||||||
| Total stockholders equity (deficit) | 353,064 | (51,503 | ) | |||||
| Total liabilities, preferred stock, and stockholders equity (deficit) | $ | 370,821 | $ | 139,422 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share data)
| Years Ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| Revenue | $ | $ | 165 | |||||
| Operating expenses: | ||||||||
| Research and development | 49,663 | 16,248 | ||||||
| General and administrative | 21,646 | 10,618 | ||||||
| Total operating expenses | 71,309 | 26,866 | ||||||
| Loss from operations | (71,309 | ) | (26,701 | ) | ||||
| Total other income, net: | ||||||||
| Interest income | 1,330 | 2,065 | ||||||
| Other income, net | 195 | 797 | ||||||
| Net loss | $ | (69,784 | ) | $ | (23,839 | ) | ||
| Net loss per share basic and diluted | $ | (2.59 | ) | $ | (18.54 | ) | ||
| Weighted-average common shares outstanding basic and diluted | 26,897,390 | 1,285,933 |